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Negative Oil Prices - Explained: Oil in 2020
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Business, Architecture, Engineering
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7th - 12th Grade
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Hard
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The video discusses the destabilization of oil markets due to a breakdown in the agreement between Russia and OPEC, leading to increased oil production. This coincided with a global market shutdown, reducing demand and further lowering prices. Despite this, refined petroleum remains costly due to manufacturing processes. The video explains the dynamics of oil supply, demand, and pricing, highlighting the challenges faced by the market.
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